Gala Games has announced that GALA v2 will be released on May 15. It will introduce several improvements to the native Ethereum contract, including improved burn mechanisms, security upgrades, and future upgradeability. As part of this upgrade, users will receive a direct 1:1 token airdrop of the new GALA (v2) token. Meanwhile, the previous iteration of the token, GALA (v1), will no longer be supported and will be worthless.
Before the snapshot on May 15, users are advised to remove their Gala tokens from any liquidity pools or smart contracts, as tokens airdropped to these contracts may no longer be retrievable. To receive their deliveries, it is recommended that users store their GALA tokens in a personal wallet. As the May 15 transition date approaches, the Gala Games team has promised to inform users with frequent announcements and updates.
Gala V2 could appear as a strong bullish signal for GALA/USDT, but investors should keep a close eye on the price chart before making an investment decision.
Let’s see the Gala (GALA) Price Prediction from the GALA/USDT technical analysis:
GALA/USDT Seeks Liquidity Before Offering A Buying Possibility
The daily chart shows GALA/USDT trades within a strong bullish trend, initiated from the 30 December 2022 swing low. The price moved higher within an impulsive bullish trend and still held the momentum.
The 30 December low would be the valid bottom in the current tradable range as the current bullish leg was initiated from that point with a counter-impulsive momentum. The bulls immediately raised the price towards the 0.0621 from where a bearish Quasimodo came, making it a valid top. As the current price is trading above the 50% Fibonacci Retracement level from 0.0154 low to 0.0621 high, a bearish correction is pending before offering a bullish trend continuation.
A strong bullish trend needs sufficient sell-side liquidity to grab orders, and for GALA/USDT, there is no exception. As per the current price action, the daily price of GALA is trading below the ascending channel support, which is a sign of a minor liquidity grab. However, more retail sell orders are present below 0.0360 and 0.0299 levels, from where valid buying opportunities may come.
Based on the daily Gala Price Prediction, investors might expect the downside momentum to continue in the coming days. The primary target would be the 0.0360 level, which is the near-term support area. Moreover, further selling pressure may increase the possibility of reaching the 0.0253 level to fill the imbalance left on the 8 Jan 2023 candle.
Investors should closely monitor 0.0360, 0.0299 and 0.0253 levels to find valid bullish pressure. A sell-side liquidity sweep in the intraday chart could offer a high probable bullish opportunity, targeting the 0.0629 resistance level.
GALA/USDT Ichimoku Cloud Analysis
In the H4 chart, the broader outlook is bearish as a strong counter-impulsive pressure is seen below the Kumo Cloud. Also, the future cloud is bearish as Senkou Span A and B show a downward pressure.
In the indicator window, the Average True Range (ATR) shows a rebound above the 20.00 line. It is a sign that the current market trend is emerging to a non-volatile pressure, which can increase the selling pressure on the GALA/USDT price.
Based on the H4 Gala Price Forecast, the primary intention is to look for short opportunities, but a minor bullish recovery may come towards the 0.0436 to 0.0460 zone. A bullish H4 candle above the 0.0470 level could eliminate the bearish possibility and increase the price toward the 0.0600 area.
GALA/USDT Intraday Price Action Analysis
In the intraday H1 chart, the current price is trading within a strong selling pressure as the visible range high volume level is above the current price. However, the gap between the current price and the 0.0432 high volume level has extended, which can initiate a bullish correction.
The current MACD Histogram approaches the neutral zone in the indicator window, with a bullish crossover in MACD EMA’s. Moreover, the dynamic 20 EMA and weekly VWAP are above the price and working as resistance.
Based on the Gala Price Prediction Today, GALA/USDT price could resume the bearish trend after profit trading. However, the bearish sentiment is valid as long as the price trades below the 0.0460 level, as breaking above this zone could open room for reaching the 0.0500 and 0.0600 areas.
Is GALA/USDT A Buy?
Based on the current Gala Coin Price Prediction, Gala (GALA) is not a buy now as it needs sufficient downward correction before forming a bullish opportunity. The ideal trading approach would be to look for long opportunities once the sell-side liquidity sweep appears from near-term swing lows.